Do you feel overwhelmed by your debt and unsure of how to invest? You’re not alone – climbing out from under a mountain of debt can feel like an insurmountable task. But with some planning and the right strategies, it is possible to successfully manage your debt while investing for long-term financial security. In this blog post, William Schantz discusses some smart ways to begin investing even if you are in debt. You don’t have to wait until all of your debts are paid off; instead, start taking steps today toward building a stronger financial future!
William Schantz Lists Ways to Invest When You’re In Debt
Debt can be overwhelming, but it doesn’t have to keep you from making smart financial decisions, says William Schantz. There are a few different ways to invest when you’re in debt that will help you make the most of your current situation.
One way to invest while in debt is to use the snowball method. This requires paying off the smallest debts first and then working toward the bigger ones. This strategy eliminates smaller debts quickly, and this encourages people to stay focused on their goal of being debt-free. Paying smaller debts off faster allows individuals to free up more funds for larger payments on larger debts later on. The snowball method also helps reduce interest rates by helping people pay off high-interest debt before low-interest debt.
Another way to invest while in debt is to use the avalanche method, says William Schantz. This requires paying off the debts with the highest interest rates first and then working down towards lower ones. By tackling the most expensive debt first, individuals are able to save more money in the long run since they will not be accumulating as much interest on their outstanding balance. This method can be beneficial when you have a lot of high-interest debts, as it allows for faster repayment without breaking your budget.
Finally, one last way to invest while in debt is by utilizing a balance transfer credit card. With this strategy, individuals can take advantage of low or 0% APR introductory offers from other cards that allow them to pay off their existing balances at a lower interest rate. This can be incredibly beneficial for individuals who are struggling to make payments on their existing debt as it allows them to potentially pay off their balances faster with less interest owed overall.
William Schantz’s Concluding Thoughts
It’s important, as per William Schantz, to remember that no two situations are the same, and what works best for one person may not be right for another. It is always a good idea to speak with a financial advisor or other professionals before making any major decisions when it comes to investments and debt repayment. According to data from the Federal Reserve Bank of New York, 44 million Americans owe more than $1.5 trillion in student loan debt, while total credit card debt in the U.S. has reached an all-time high of over $930 billion dollars. Additionally, 37.2% of Americans have a balance on their credit cards from month to month.